Bipartisan Gottheimer Amendment to Help Senior Investors Passes House

Statement

Today, Thursday, October 18, 2019, U.S. Congressman Josh Gottheimer successfully offered an amendment on the House floor to H.R. 1815 - the SEC Disclosure Effectiveness Testing Act, to ensure the Securities and Exchange Commission (SEC) gives specific consideration to senior investors and the challenges they face. The bipartisan amendment passed the House by a vote of 240 to 178.

H.R. 1815 will help ensure that the disclosures on which retail investors rely to help make informed financial decisions more clearly convey critically important cost and risk information.

"Since I took office, I have been committed to helping seniors save their hard-earned money for retirement, so they can afford to stay in New Jersey and enjoy their lives with their kids and grandkids," said Congressman Josh Gottheimer (NJ-5) on the House floor today. "This amendment is another critical step in making sure that the SEC continues to do right by our seniors, by making sure there is explicit consideration of senior investors as they proceed with investor testing."

Gottheimer's full remarks are below.

Mr. Speaker, I have an amendment at the desk.

Mr. Speaker, my amendment is straightforward: it simply requires the SEC to specifically consider the unique challenges senior investors face as part of their overall investor testing.

Since I took office, I have been committed to helping seniors save their hard-earned money for retirement, so they can afford to stay in New Jersey and enjoy their lives with their kids and grandkids.

Unfortunately, there are millions of senior investors across the country who have been the victims of financial scammers and hucksters and snake-oil salesmen who have cheated them out of their rightful retirement.

That is why, earlier this year, I introduced the Senior Security Act, bipartisan legislation that overwhelmingly passed out of the House, to help the SEC protect vulnerable seniors from predatory scams and financial abuse.

This amendment is another critical step in making sure that the SEC continues to do right by our seniors, by making sure there is explicit consideration of senior investors as they proceed with investor testing.

New Jersey's seniors have given us so much; I'll always have their backs and ensure that they have the help they need to stay in Jersey, and to protect them from those who would seek to take advantage of them.

I'd like to thank my colleague and friend, Mr. Casten, for introducing this bill and for his commitment to protecting seniors, and I'd like to thank the Chairwoman for her excellent leadership, and I urge my colleagues to support this commonsense amendment.

Thank you, Mr. Speaker and I reserve the balance of my time.

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